UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Option Grants
On June 14, 2024, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of SmartKem, Inc. (the “Company”) approved equity compensation awards for the Company’s executive officers. The Compensation Committee approved an award of options (the “Options”) to purchase shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), in the following amounts: Ian Jenks, the Company’s Chief Executive Officer, was awarded Options to purchase 181,000 shares of Common Stock, Barbra Keck, the Company’s Chief Financial Officer, was awarded Options to purchase 100,000 shares of Common Stock, Simon Ogier, Ph.D., the Company’s Chief Technology Officer was awarded Options to purchase 49,000 shares of Common Stock and Beverley Brown, Ph.D., the Company’s Chief Scientist, was awarded Options to purchase 49,000 shares of Common Stock. The Options were granted in accordance with the terms of the Company’s 2021 Equity Incentive Plan and/or the UK Tax-Advantaged Sub-Plan (the “Plan”). The Options have an exercise price of $6.50, the closing price of the Common Stock on the Nasdaq Capital Market on June 14, 2024 and vested as to 25% upon grant with the remainder in equal monthly installments over three years, except that options to purchase 16,000 shares of Common Stock granted to Mr. Jenks vested immediately upon grant (the “Additional Options”). The Additional Options have an exercise price of $6.50, the closing price of the Common Stock on the Nasdaq Capital Market on June 14, 2024.
Uplisting Bonuses
On June 14, 2024, the Compensation Committee approved the payment of cash bonuses to Mr. Jenks and Ms. Keck in amounts equal to $26,767 and $45,000, respectively, in light of their significant contributions to the uplisting of the Common Stock to the Nasdaq Capital Market.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SMARTKEM, INC. | ||
| Dated: June 17, 2024 | By: | /s/ Barbra C. Keck |
| Barbra C. Keck | ||
| Chief Financial Officer | ||